Usage-Based Insurance Market is projected to reach $149.2 billion by 2027.

Usage-Based Insurance Market by Policy Type [Pay-As-You-Drive Insurance (PAYD), Pay-How-You-Drive Insurance (PHYD), and Manage-How-You-Drive Insurance (MHYD)], Technology (OBD-II-Based UBI Programs, Smartphone-Based UBI Programs, Hybrid-Based UBI Programs, and Black-Box-Based UBI Programs), Vehicle Age (New Vehicles and Used Vehicles), Vehicle Type (Light-Duty Vehicle (LDV) and Heavy-Duty Vehicle (HDV)): Global Opportunity Analysis and Industry Forecast, 2020-2027

Growing adoption of usage-based insurance among the end user owing to its various features such as providing accurate and timely data collection methods and flexible insurance premiums boosts the growth of the global usage-based insurance market.

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In addition, factors such as higher possibility of the vehicle being recovered, in case of stolen, and lower fuel consumption have positively impacts the growth of the market. However, high installation cost of telematics and various data security issues are expected to hamper the market growth.

On the contrary, adoption of advance technology such as smartphone-based UBI & hybrid-based UBI and increase in concerns regarding driver’s safety across the globe is expected to offer remunerative opportunities for the expansion of the market during the forecast period. Each of these factors is projected to have a definite impact on the growth of the usage-based insurance market.

Segment review

The global usage-based insurance market is segmented into type, technology, vehicle age, vehicle type and region. In terms of type, the market is fragmented into pay-as-you-drive insurance (PAYD), pay-how-you-drive insurance (PHYD), and manage-how-you-drive insurance (MHYD). Depending on technology, it is bifurcated into OBD-II-based UBI programs, smartphone-based UBI programs, hybrid-based UBI programs, and black-box-based UBI programs. As per vehicle age the market is bifurcated into new vehicles and used vehicles. In terms of vehicle type the market is segmented into light-duty vehicle (LDV) and heavy-duty vehicle (HDV). Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Key Benefits For Stakeholders     

  • The study provides an in-depth analysis of global usage-based insurance market forecast along with the current & future trends to elucidate the imminent investment pockets.
  • Information about key drivers, restraints, and opportunities and their impact analysis on global usage-based insurance market is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.

Key Market Segments

By Type 

  • Pay-as-you-drive (PAYD)
  • Pay-how-you-drive (PHYD)
  • Manage-how-you-drive (MHYD)

By Technology

  • OBD-II-based UBI programs
  • Smartphone-based UBI programs
  • Hybrid-based UBI programs
  • Black-box-based UBI programs

By Vehicle Age

  • New Vehicles 
  • Used Vehicles

By Vehicle Type

  • Light-Duty Vehicle (LDV)
  • Heavy-Duty Vehicle (HDV)

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany 
    • France
    • UK
    • Italy
    • Spain
    • Belgium
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • Australia
    • Singapore 
    • Thailand
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America 
    • Middle East 
    • Africa

Key Market Players

  • Allianz SE
  • Allstate Corporation
  • Aviva
  • AXA 
  • Insurethebox 
  • Liberty Mutual Insurance
  • Mapfre S.A.
  • Nationwide Mutual Insurance Company
  • Progressive Corporation 
  • UNIPOLSAI ASSICURAZIONI S.P.A

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